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Self-Study Courses

Schedule C of Form 1040 (Currently Unavailable)

2 CPE Credits $33.50/credit hour Wednesday, January 25, 2023 · 9:00am PT / 12:00pm ET

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary.

Publication Date: January 2023

Designed For
This course is ideal for CPAs, EAs, or other tax professionals.

Topics Covered

  • Who Files Schedule C?
  • Cash vs. Accrual Methods
  • Deductions
  • Special Issues for Self-Employed
  • Depreciation & SEC. 179 Deduction
  • Net Operating Losses
  • Excess Business Losses

Learning Objectives

  • Identify the appropriate taxpayers who should be filing Schedule C
  • Recognize how to differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
  • Recognize how to develop a working knowledge of related issues; such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries, and retirement contributions
  • Describe types of typical deductions, such as advertising, utilities, supplies, etc.
  • Recognize how to determine the methods of deducting the cost of a company car
  • Identify how to apply the rules, such as Section 179 or bonus depreciation, which permit the immediate expensing of some or all of the cost of certain assets

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Instructor

Allison McLeod

Professor McLeod, LL.M., JD, CPA, is currently a full-time Senior Lecturer at the University of North Texas, where she has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxes, Individual Taxes, Tax Research, Ethics and Financial Accounting. She has taught as an adjunct professor at the University of North Texas College of Law.

Prior to Professor McLeod going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992. Professor McLeod has enjoyed teaching live ethics course to CPAs since 2011 and is the owner of  www.cpaethicsonline.com, which offers on-line self-study courses to CPAs. She currently serves on the Professional Ethics Committee of the Texas Society of CPAs.which offers on-line self-study courses to CPAs. She served on the Professional Ethics Committee of the Texas Society of CPAs and the AICPA CPA Exam Committee (REG).
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